Forum Replies Created
Hi
Go to eze.rent and download the free software EZ-rent.exe it is a terrific help as when you select the state the purchase will be in it does all the calcs
rgds
Cobra
http://www.ez-rent.com i think!Hi Guys
Thanks for the replies and yes he went belly up but is back and “worth millions” to quote him.
Seminar was very entertaining and i think he could do well on the stage, but as i said i saw some holes in the calcs – ie no mention of how to pay the 20% deposit or the fact you need a lot of income to keep -ve gearing properties or that you need alot of equity and income to keep borrowing 110% of property price.
Yes read his books – worth aread!
learned about prepaying interest and the historical fact that property always increases over time( as if no-one knows that).
rgds
CobraHi
And yes its just that simple!
BUT
find a +ve cashflow property
convince the bank to lend on it
plus numerous othersThese are the Tricks you need to master
Good luck
and keep reading this forumrgds
Cobratry deppro haven’t used them but some contacts in perth say they are excellent and i believe they are Auswide
rgds
CobraHi
Try Deppro
i think its
http://www.deppro.com.authey quoted me approx 500 -550 from memory but it does depend on scope of schedule and size of property
or
check quantity surveyors in Perth yellow pagesrgds
CobraHousesonly certainly seems to know his stuff but then so do the respondents.
Again i think some areas will decline others increase.
Here in Perth we seem to have some growth left as employment is up and we are far behind Eastern States.Same as 2years agoHi just my 2 cents worth.
Depreciation is an on paper deduction against taxable income.
The higher the taxable income/tax bracket the more tax saving and yes eventually you will run out of tax savings.
secondly, yes Steve AND HIS PARTNER bought 130 properties in 3.5 years.
They paid 20% deposit on each property and each property was very low value.
Margaret Lomas system is to buy approx 10 properties in 10 – 15 years with no deposit on your own.
These are two similar strategies but they work for different people depending on individual cicumstances.
Personally I will never have 20% deposits for properties( I can’t save them quick enough) but by using equity and depreciation can buy capital city properties gaining CG that pays for itself.
That doesn’t mean I’m not interested in country low cost high yield properties but they are few and far between ( anyone tried borrowing for country properties at 100% ?)
In fact i’m looking at a country 2 bed unit now – $200 per week 2 year lease for $115K – Which i intend to buy.
Sorry for being long winded but some peope seem to miss the fine print in Steve’s book
rgds
CobraEllenbrook Perth WA
10 mins outside of Perth next to the best golf course in Aus.Hi
What state?
Are you having problems?
I lived on 3 properties in WA over 12 years that had septic tank sewerage systems.
Basically the effluent settles in the septic tanks and the leftover fluid leaches into the ground via a series of drains – called Leach Drains – and every 10yrs or so the tanks need to be cleaned out. Usually by a tank cleaning company.
Hope this helps.
rgds
CobraHi
I’ve been looking too but i don’t think you’ll find any in Perth unless you look at Commercial.
Try regional areas, or Wrapping
Rgds
CobraHi Tristan
If you are not going ahead with the units can you give me any info as i could well be interested in them
rgds
Cobra
[email protected]Hi
general feeling i get from internet and talking around seems to that when rates hit 8.5% then some people will start to have repayment problems – so that may be the tip point – but – who knows???Hi Guys
I would appreciate any info on Good IP accountants in WA.
Westan are you in WA?
If it’s not a secret Can I ask the name of your Guy
Rgds
CobraHi just my 2 cents worth.
What does a bank do when it loans money for a mortgage?
It borrows money (from the RBA or depositors)
at low rates and relends at higher rates and lives off the profit.2-6% depending on risk – using security and lending criteria.
Wrappers are just small banks with easier criteria – more risk – same security.
just as abank hikes interest rate depending on risk so do I.
The grey area is the markup on property.
But with low deposit no loan fees etc i don’t have aproblem with this as long as there is full disclosure to the client.
This system helps people get into the property market.
Yes there are risks to everyone.
one risk is that if the buyer waits to save a big deposit – by the time they are ready then property has gone up by more than the deposit and they still cant get bank finance.
rgds
AndyIMHO = in my humble opinion
BTW = by the wayhope this helps
rgds
CobraHi
it all depends on your requirements and your property profiles.
I mean if you need 50k to retire on and buy cheap properties returning $50 PW then
$50 pw = $2500 PA = 20 properties to get $50k PA
or
if you need $100k PA to retire but you look at more expensive properties retuning $200PW then
$200pw = $10k PA = 10 properties to get $100k PA.
so it not purely number of properties but +ve cashflow result.
hope this helps
rgds
CobraHi Guys
I would just like to say thanks to everyone who posts info and helpful suggestions here.
Basically from the info and stats i’ve learnt here i intend to do my first deal by 10/11/03.
without all the helpful stuff i couldn’t do it – its as simple as that.
I don’t expect to be spoonfed – but any help or suggestions are just great.
So once again thanks to all the contributors.
rgds
CobraHi
yes thats a good strategy – but if like me you live 500km to 1200km from your properties it can be aproblem so you almost have no choice but to use a PM.
rgds
CobraHi Brent
I am new to this myself but from my understanding of Steve’s method is that when he maxed out his deposits for buy and hold properties he then wrapped the next 10 to 20 properties or so – which then gave him additional savings and capital gain to leverage more finance for more buy and hold properties.
And so the cycle goes on and on.
One of my reasonings for this is 0 – 130 properties in 3.5 years at an average of say 60K each at 20% deposit plus closing costs of 5% would be $1,950,000 or $560,000 per year.
What do you need to chase properties for if you have over 1/2 million income each year???
rgds
Cobraa friend gave me your book steve – right now i haven’t bought a property -BUT it’s the most important thing next to my family because it gave me a kick up the backside to do something for my families future.
I’ve researched and spoken to people and received the -ve comments and advice – BUT I come back to this site and forum and drink from the well.
Thanks to everyone for keeping me +ve and focused.
And keep posting that it can and is being done.
In 2 weeks i’ve identified 6 properties in WA that are qualified by the 11 second solution.
Next is the big step – buying!
One suggestion is perhaps a place on the forum for posting little success stories / anecdotes etc so others can keep motivated???Once again Steve, thanks for your effort to help me.
Thanks to everyone for their help and if i can help others i will
rgds
Cobra
So much for the cry that they are not there.
